Summit Meetings
Contributed by Jilaine Hummel Bauer, ION board member at large. She is the founder of Bauer Consulting and is on the Steering Committee of Milwaukee Women inc (MWi).
On November 16th, the day ION hosted a summit in New York attended by prominent thought leaders and business executives to consider the status of women corporate directors and strategies for increasing their number, the caption, “Summit Meetings,” caught my eye in the Wall Street Journal. Michael J. Ybarra, extreme sports correspondent for the WSJ wrote of his experience climbing the summits in Grand Teton National Park, “Not long after a glorious sunrise, I scrambled up the first of the seven major summits I was hoping to climb in a single day. Unfortunately, it was the wrong summit. From below I had misjudged which prong on Teewinot’s spiky crown was the highest…” Finding himself ten minutes of torturous navigation away from his target, Mr. Ybarra was forced to retrace his steps. Traversing a route that was complex and unpredictable with ever-changing views and potentially lethal weather, he observed that strategy and adaptability were key. Climbing alone and sometimes with others who took different paths required the interchangeable use of trust, skill and grit.
Whether a board pondering greater diversity among its members, a qualified candidate that can bring diversity to a board or ION and others who want to help ensure their success, the insights and tools for traversing what first appears to be a convoluted ridge line can also be used to make great strides towards increasing board diversity.
Differentiate Yourself: Personal Branding for Board Access
Contributed by Elisa-Marie Dumas, Vice President of Development at ION Member Organization Watermark.
The original blog post appeared at: http://www.wearewatermark.org/2011/10/differentiate-yourself-personal-branding-for-board-access/
“Personal Branding” has become an exceedingly popular term, and it seems to be on everyone’s lips these days. Frequently, personal branding is understood as nothing more than crafting a strong social media presence- translating your personality and thought leadership into active and robust accounts.
Although social media can be leveraged to heighten your brand, personal branding is more fundamental than posting on your Twitter account a couple of times a day. It reaches beyond your online presence and should be reflected in your communications, leadership style, and even in your decision-making process.
A good brand presents something marketable, a unique identity with something exceptional to offer. It has its own voice, its own identity, its own style and its own ideas. It operates differently than its competitors, and it’s instantly recognizable.
Just like a good brand- you also present something marketable and unique, with a special style, voice and identity. The question is: how do you develop your personal brand, and how do you leverage it when you have a specific career goal in mind- such as joining a public and private board?
The first step is to start seeing yourself as a product to be marketed. Get ready to take an objective look at your strengths and get ready to promote them! Part of building a personal brand is a willingness to market yourself. Reticence to self-promote is common specifically within women of the Boomer generation, which is the generation of professional women primed to fill board seats.
When seeking a board role, oftentimes candidates don’t present anything more than their resume: their professional milestones and career trajectory. While those details are certainly important, the fact is that they don’t tell the whole story. At the end of the day, you’re much more than the sum of your career successes, are you not?
The trick is to identify and present the quantifiable value that you bring to the table: What undervalued talents do you possess that set you apart from your peers? What makes you an incredible leader? What’s your “impact story”- the way your style and decision making has impacted your company’s bottom line?
It’s important to get very specific; many people try to be everything, a generalist, when going after a board seat. It’s far easier for boards or board recruiters to see a fit for you within their board matrix when you can really articulate how you’re different- and better – than your competition.
Convey these values to the people that matter most, and present them in a straightforward, confident, and assertive manner. It will set you apart from other one-note candidates, and you’ll be perceived as a multifaceted, dynamic and valuable asset, someone that the company can’t succeed without.
Women on Boards: Still Lonely at the Top
Contributed by Marilyn Nagel, CEO of ION Member Organization Watermark.
The original blog post appeared at: http://www.wearewatermark.org/2011/09/women-on-boards-still-lonely-at-the-top/
A recent article in The Economist explores the ongoing issue of the lack of women on boards in the U.S. and worldwide and the measures taken to combat it. Diversity and inclusion professionals (and women everywhere) have long been banging their heads against this same wall; the numbers have remained at a virtual standstill for a shocking amount of time.
The article, Women In Business: Still Lonely at the Top, specifically addresses the tactic of implementing quotas to boost numbers. The prime example is that of Norwegian boards, which were 9% female in 2003 and were ordered to become 40% female within five years. Other European countries have followed suit, prompting some American audiences to wonder if this might also be the solution.
While it’s true that the enforcement of quotas has made a drastic difference, we’re only now beginning to understand the implications of such rapid change:
“To obey the law, Norwegian firms promoted many women who were less experienced than the directors they had before. A recent study found that firms that were forced to increase the share of women on their boards by more than ten percentage points saw one measure of corporate value (the ratio of market capitalization to the replacement value of assets, known as Tobin’s Q) fall by 18%.”
In light of this research my perspective is that quotas for women on boards is not the answer. As the article suggests, the answer is complex and requires change from boards of directors, corporate executives, and from women.
Widen your lens- and your options. The first step is for boards to examine the job descriptions they create and how they recruit board members. They should not compromise their standards as was done in Norway to comply with quotas, but should look at the requirements of sitting on a board. The common standard is experience as a CEO, or at minimum C-suite and P&L (profit and loss) experience.
The fact is that a very small percentage of women (or minorities for that matter) are in the C-suite or CEOs, and many women who are in the C-suite are in fields that are not P&L carrying. This eliminates most women without examining equivalent experience that might enhance the board.
We all understand that diversity is healthy particularly when it comes to innovation and ensuring there isn’t “group think.” We also know that the financial crisis was anticipated and raised by a woman, but as a lone voice, she was not listened to. The BODs of the failed financial institutions all met the qualifications that are still held as sacrosanct – this would suggest that maybe voices from another discipline, or perspective might be healthy.
Wouldn’t a woman with top-level executive experience be as qualified to see financial gaps even if they did not carry P&L experience? For example, a Chief Human Resources Officer doesn’t carry P&L, yet has to be closely partnered with the CFO to run a company, develop policy on salary, stock options, and benefits. When we rule out anyone without P&L, we are losing great talent, and many of them women.
Leaders of the future. Corporate executives need to look within their ranks and at their bench strength to see if they are leaders for today or are leaders of the future. Leaders of the future have a different skill set, and are inclusive of many of the characteristics traditionally attributed to women. Then corporate leadership teams need to sponsor – to use Sylvia Ann Hewitt’s model, and ensure that talented women are put in positions where they can have greater exposure.
Invest in yourself. Women need to find sponsors, evaluate their network to see if it will help them achieve their career goals, and take advantage of board development programs. Programs like the Watermark Institute Board Access Program™ can connect them with opportunities to serve on boards. Women need to invest in themselves the way they invest in those who are still climbing the corporate ladder.
We Can Do Better!
Contributed by Sarah Meyerrose, ION Treasurer and President Elect. Ms. Meyerrose is also a member of Nashville CABLE and is the principal of SMSS LLC.
I had the honor of representing ION at the Second Annual SAIS Global Conference on Women in the Boardroom this month. Two highlights, among many, that stood out for me were:
1. There are some male CEOs who not only get that gender diversity is important, they also know what needs to happen. For example, Coca-Cola Enterprises Chairman and CEO said, “It’s simple. It’s all about leadership. We don’t need more statistics or more research studies. Leaders need to get behind this issue the way they got behind the sustainability movement and then we will see meaningful change.” And Doug Conant, former president and CEO of Campbell Soup Company, said, “We have to have courageous conversations and address the brutal facts and the brutal feelings. The ‘soft stuff’ IS the hard stuff.” Now those may not be exact quotes, but they’re pretty close. Four words Doug repeated more than once were: “We can do better!”
2. We were advised to move away from the conversation that an improvement in financial performance can sometimes, but not always, be correlated with gender diversity. Instead, we should talk about the precursors to good results that happen when more women are leading: better engaged employees, more women in top management and operating roles, improved innovation and better conflict resolution.
On a gray, rainy day in DC with threats of flash floods and terror attacks, the SAIS conference gave us reason to pause, celebrate. . . and inspired us to get back to the task at hand.
Six Actions to Dramatically Improve Your Ability to Land a Board Seat
Contributed by Dr. Constance Dierickx, a board member of ION and the Board of Directors Network (BDN). Dr. Dierickx is also founder and president of CD Consulting Group, LLC in Atlanta, Georgia.
1. Give up being an expert.
Whether you are an expert in finance, technology, risk management or anything else – do not spend your energy establishing your technical credentials. Be matter of fact about your background then move on!
2. Describe what value you add, not how you add it.
Talk about what outcomes and results you have contributed to. Results are impressive – methodology isn’t. Avoid the trap of identifying yourself as a “devils advocate” – everyone on a board should be capable of taking an opposing view when necessary, boards aren’t looking people who are stuck in this or any role.
3. Craft a bio that contains stunning outcomes and describes breadth.
Even very smart people struggle with writing a compelling, one page biography. Get help if you need it but don’t spend hours editing your own and do not hire someone to help you because they are a good writer. This is a tool to market yourself – you need help from someone who writes well and who can clearly describe your incredible value. This is not the time to be coy – boldly declare your value!
4. Become a student of governance in formal and informal ways.
Director colleges are everywhere these days. Some are good, some aren’t. Find one with a reasonable reputation and go. Then, if you are not already on a not-for-profit board, get on one so that you can exercise your knowledge and influencing skills with your colleagues.
5. Don’t listen to unsolicited feedback.
Most of us have friends, colleagues and seatmates on airplanes who will give us an opinion on virtually anything – often unsolicited. Avoid listening to unsolicited feedback – it’s usually given for the benefit of the sender. Do not ask people who are not successful themselves for advice about how to succeed in achieving this goal – or any other for that matter.
6. Build relationships.
Boards are groups of human beings working to achieve a common goal. They form relationships with one another. Who wants to have a member or several who are difficult? As one director said to me – “no turkeys allowed.” Blunt for sure.
Through your involvement in governance groups – NACD for example, build relationships over time. Give of yourself and allow others to get to know you. Let your value shine!
Proxy Access: Ulysses Unbound??
As anticipated, today the SEC adopted by a 3-2 party line vote rules that will make it easier for shareholders of public companies to nominate their own directors. No matter whether you agree with SEC Chairman Mary Shapiro who characterized proxy access as a “matter of fairness and accountability” or with Republican Commissioner Kathleen Casey who argued that it is likely to result in significant harm to the economy and the U.S. capital markets, one thing is certain. Beginning in the 2011 proxy season, proxy contests will no longer be the sole means by which shareholders’ can nominate directors. Under the new SEC rules individual shareholders (or groups of shareholders) owning at least three percent of a company’s stock for at least three years will be permitted to put their own candidates on the company proxy ballot. Additionally, shareholders who have continuously held as little as $2,000, or one percent, of a company’s stock (whichever is less) will be permitted to submit for inclusion on company proxy ballots additional proposals for shareholder approval that would allow shareholder nominated candidates to be included on future ballots under even less stringent requirements.
Like Ulysses who bound himself to the mast of his ship in the Sirens episode of The Odyssey to keep from being rooted on dangerous, rocky shores by sweet voices, shareholders interests are believed to be best served by similarly binding their corporate ownership with the authority of their corporate directors. Time will tell what effect proxy access has on the dynamics of the relationship between shareholders and their directors. In the meantime, proxy access and other recent corporate governance reforms have strengthened the shareholder franchise giving them alternatives to voting with their feet.
Contributed by Jilaine Hummel Bauer
Quotas for Women on Corporate Boards?
There is no question that many countries in Europe are far ahead of the U.S. in terms of taking action to achieve gender diversity on corporate boards. How can the U.S. achieve greater gender diversity on corporate boards? Amidst the hustle and bustle of Times Square in New York, approximately 50 women attended a panel focused on “Shattering the Glass Ceiling: Quotas for Women on Corporate Boards?” to discuss answers to this very question.
The panel was part of the Conference Board’s annual Women’s Leadership Conference. It focused on increasing awareness of diversity quotas, considering the role of the U.S. Securities and Exchange Commission (SEC) and brainstorming actions for change. I acted as moderator for this panel, joined by panelists Joanne Landau (Board of Directors, Hudson Holding Corp; President, Kurstam Realty and member of ION’s Financial Women’s Association) and Elisa Melendez (Research Analyst, Center for Diversity in Global Management, IE Business School, Madrid Spain).
Elisa took the floor first to make the audience aware of the quotas in many parts of Europe. For instance, Norway’s 2003 law has dictated their high percentage (40 percent) of women corporate board members, while the U.S. barely boasts 15 percent of women corporate board members in Fortune 500 companies. Next, Joanne brought to light the perspective of a board member who is active in numerous board organizations, expressing the view that such laws are unlikely to occur in the U.S. for a number of reasons including the negative connotation of the word “quota.”
Last year, we were encouraged by the SEC ruling requiring U.S. companies to disclose whether and how they consider diversity in the board of directors nominating process. While it was a good first step, the SEC did not define diversity, nor did they require disclosure of a board’s make-up by gender or race. Now, both individual and institutional shareholders need to encourage boards to adopt diversity policies and practices that focus on gender and racial/ethnic diversity.
Both panel and many in the audience agreed that, even if the U.S. does not adopt quotas, the emphasis needs to be on the demand more than the supply side of the issue of women on boards. For too long, companies have focused on the supply side of the issue, claiming the lack of enough qualified women board candidates. Although more women need to be in leadership positions in the corporate and other environments, there are enough board-ready women now to substantially change the board statistics. We should be finding ways, short of mandated quotas, to get corporations to take action to appoint women to boards.
Contributed by Dr. Vicki W. Kramer
Some Blogs You Should Get to Know
Blogs are a means for people of any age, gender, or race to express their opinions and be heard. It is the podium for the ones who do not have a voice. Women, especially, have taken advantage of the accessibility and availability of blogs.
While the phenomenon of “mommy bloggers” has received a lot of attention, that’s hardly the whole story. Some of the best business and career blogs out there happen to be written by women. Here are some of the nationally known blogs you should get to know:
Yvonne Divita
Yvonne Divita is the founder of the Lip-Sticking Blog. She is also the president and founder of Windsor Media Enterprises LLC, which specializes in business blog building, social media strategy and print-on-demand publishing. The Lip-Sticking Blog is a marketing and social media blog geared towards women. It was listed by Forbes Woman in the Top 20 Best Social Media and Marketing Blogs by Women. It has become so popular and large that Divita had to add contributors. Donna DeClemente, Robbi Hess, Mary Schmidt, and Lena West also write for the blog. Divita is also going to be expanding The Lip-Sticking Blog by creating a new website called The Lip-Sticking Society which will encompass the blog and also provide business resources for women.
Susan Gunelius
Susan Gunelius is a seasoned corporate professional, having spent more than a decade developing and executing marketing programs for global and national organizations. She is the CEO of Keysplash Creative and has written compelling advertising, marketing and business communication messages for some of the largest companies in the world. She has also authored multiple books about blogging, copy writing and building brand value. Her blog centers on marketing and advertising ideas. A few of the topics she has tackled include marketing trends, social media, and copy writing tips.
Paula Gregorowicz
Paula Gregorowicz is a life and business Coach for Women. She is a published writer, having written hundreds of articles for Jupitermedia, Being Magazine, and BlogHer. Paula has more than 17 years of corporate business and technology experience that she feels has provided her the opportunity to discover and hone her ability to see what’s truly there, speak the truth, and ask powerful and provocative questions. She has a blog in which she discusses and gives insight to women on how to take control of their lives and excel in business. Her blog is very inspiring and can help coach any woman to success.
Sally Hogshead
Sally Hogshead is a marketing expert. She is a speaker, author, and brand innovation consultant, helping companies develop messages that persuade and captivate. Hogshead has written two books, one about building your own personal brand and another about and individual’s power of persuasion and captivation. Her blog, the Hog Blog, deals with advertising and marketing. But it doesn’t just stick to those topics. Her blog holds powerful insights that can be applied to not only your business and professional world, but also your personal life.
Suze Orman
Suze Orman is an established business author and she also hosts a television show on CNBC called “The Suze Orman Show.” She is a financial expert that provides information on such things as retirement, insurance, identity theft, and how to manage your money. She also authors a blog on her website called The Suze Scoop. The idea behind her blog is that with so much happening in the world that has a direct impact on your financial security. She wants you to know you can always get the straight scoop on what is going on. Some of topics she has discussed are the new credit card reforms, private college loans, and refinancing mortgages. Her blog is very thoughtful and informative and is a great resource for any person struggling with finances.
The Detroit Blog
Part of Time Inc.’s Assignment Detroit project, The Detroit Blog looks at Detroit from a variety of angles, using a diverse group of contributors. Some of the contributors are native to southeast Michigan, others are not. That alone creates an interesting variety of perspectives.
Diane Tucker
Diane Tucker, an award-winning writer/producer/director whose work has appeared on Discovery Channel, History Channel, nationalgeographic.com, and Detroit’s own WXYZ-TV, is a Huffington Post blogger. She lives in Washington, D.C., but calls Detroit home. She often writes about issues of interest to Michigan women.
Contributed by Terry A. Barclay